Not only is retirement readiness different for each individual, not many of us are even able to describe what that actually looks like. Successful retirement planning requires a multi-layered exploration of our wants, needs, financial anxieties and risk tolerance, along with sensitivity to what we really mean in addition to what we actually say. There’s a close analogy to psychotherapy.
This is why it’s an exercise in futility for Wall Street firms to conduct their periodic surveys of retirement readiness. Not surprisingly, these surveys often reach widely divergent conclusions. Wall Street nevertheless keep trying. A half-dozen such firms have reached out to me already this year, publicizing their latest surveys. One published a report on Feb. 13 announcing that the U.S. retirement crisis is worse than ever, with two-thirds of workers not saving enough for retirement — and nearly one in four without enough savings to even pay for their funeral expenses. Meanwhile, another survey — released two weeks earlier — found that 70% of U.S. workers are confident that they have saved enough for a comfortable retirement. …
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This is why it’s an exercise in futility for Wall Street firms to conduct their periodic surveys of retirement readiness. Not surprisingly, these surveys often reach widely divergent conclusions. Wall Street nevertheless keep trying. A half-dozen such firms have reached out to me already this year, publicizing their latest surveys. One published a report on Feb. 13 announcing that the U.S. retirement crisis is worse than ever, with two-thirds of workers not saving enough for retirement — and nearly one in four without enough savings to even pay for their funeral expenses. Meanwhile, another survey — released two weeks earlier — found that 70% of U.S. workers are confident that they have saved enough for a comfortable retirement. …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]